PPB Group acquires 15% stake, becomes substantial shareholder in Techbond

TECHBOND Group Bhd announced that PPB Group Bhd has become a substantial shareholder in the company by acquiring a 15% stake from Techbond’s majority shareholder’s holding company, Sonicbond Sdn Bhd.

“We are pleased to welcome PPB Group as Techbond’s new substantial shareholder. This represents a strong vote of confidence in our strategic direction and growth potential. We believe this partnership will create significant value for all stakeholders as we continue to execute on our growth strategies,” Techbond MD, Lee Seng Thye, said.

“Looking ahead, the group’s outlook remains bright, underpinned by healthy order flow and demand recovery from our customers along with positive progress from our upstream polymerization plant. The Group aims to close FY24 on a high note and carry this momentum into FY25,” Lee concluded.

To recap, for the nine-month financial results for the period ended March 31, 2024 (9MFY24), Techbond delivered its highest-ever cumulative nine-month revenue at RM112.6 million, a jump of 50.5% year-on-year from RM74.8 million last year.

The double-digit improvement was chiefly driven by healthy order flow from the markets it serves and continued recovery of key industries.

Notably, this is the first time the Group’s cumulative nine-month revenue surpassed the RM100 million mark.

Furthermore, the cumulative nine-month revenue has exceeded FY2023’s full-year record revenue of RM109.0 million.

The group recorded its all-time high cumulative nine-month profit after tax and non-controlling interest (net profit) of RM11.5 million for 9MFY24, doubling from the RM5.7 million achieved a year ago.

This is just shy of the record full-year net profit of RM11.51 million posted in FY2021, the highest-ever bottom-line performance since its listing. — TMR

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